USOIL (WTI) Slumps to $90 Low as Bulls Resume a Fresh Uptrend
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USOIL (WTI) Slumps to $90 Low as Bulls Resume a Fresh Uptrend

Estimated Reading Time: 2 minutes
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Azeez Mustapha

Updated:

Key Resistance Levels: $80.00, $84.00, $88.00
Key Support Levels: $66.00,$62.200,$58.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is in a smooth uptrend as bulls resume a fresh uptrend . On February 24, the index made an upward rally to the high of $100. Simultaneously, the index dropped sharply to the low of $90. WTI is now hovering above the $90 support. The uptrend will resume if the current support holds. On the other hand, the selling pressure will resume, if sellers break below the current support.

USOIL (WTI) Slumps toLow as Bulls Resume a Fresh Uptrend
USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 57 of the Relative Strength Index for period 14. The index is still in the uptrend zone and capable of a further upward move. The index price is s above the moving averages indicating a possible upward move of WTI. The 21-day SMA and the 50 –day SMA are sloping upward indicating the uptrend

USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, the index is in a downward move as price breaks below the moving averages. Meanwhile, on February 24 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index will fall but will reverse at level 1.272 Fibonacci extension or $89.19.

USOIL (WTI) Slumps toLow as Bulls Resume a Fresh Uptrend
USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL is below the 20% range of the daily stochastic. WTI has fallen to the oversold region of the market The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The selling pressure will end as buyers emerge in the oversold region.

General Outlook for USOIL (WTI)
USOIL (WTI) is in a downtrend as bulls resume a fresh uptrend. Buyers are expected to emerge in the oversold region to push prices upward.


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